Bitaigen Research 
Bitcoin price is now hovering near the $70,000 mark, and the Coinbase premium turned positive for the first time in a month, posting a green rise. The shift suggests that selling pressure is easing and defensive market sentiment is softening.
Since mid‑January, Bitcoin has posted a positive Coinbase premium for the first time, while BTC has remained stable around $70,000, indicating that the defensive market’s sell‑off pressure has abated.
On Monday, Bitcoin held steady after the Wall Street opening, and gold is simultaneously targeting a new high for February.
In this article we dissect Bitcoin’s recent price action and the rare rebound of the Coinbase premium, blending technical indicators with market sentiment to help readers gauge the likelihood of further range‑bound moves. We also provide a trader‑focused perspective and evaluate how gold’s trajectory could impact the crypto market.
Key Takeaways
- Bitcoin price forecasts suggest a rebound within a Fibonacci‑defined range, with volatility narrowing after a period of large swings.
- The Coinbase premium entered positive territory briefly for the first time in four weeks.
- Analysis points to the broader crypto market remaining in a “defensive” mode.
Traders See BTC Engaged in a “Range Game”
TradingView data captured an intriguing pattern: BTC’s volatility has virtually vanished, and traders are largely in a “wait‑and‑see” stance.
BTC/USD 1‑hour chart. Source: Cointelegraph/TradingView
Analyst StefanB highlighted “liquidity accumulation at key levels” and wrote on X: “This is exactly the range‑play I’d like to see on BTC,” noting that such behavior often follows periods of high volatility.
Definition: Fibonacci levels – technical support/resistance lines drawn using the golden‑ratio division, commonly employed to delineate short‑term price ranges.
The accompanying graphic marks the critical Fibonacci levels, which should contain the short‑term bounded market action.
BTC/USD 1‑hour chart with Fibonacci levels overlay. Source: StefanB/X
On lower timeframes, trader CW observed a lack of sellers during the U.S. session, which helped stabilize BTC prices.
“Buy orders for $BTC are forming strongly, while there are virtually no sell orders on the other side; downside pressure has disappeared.”
— CW (@CW8900) 2026‑02‑09
The Coinbase premium index, which measures the price differential between Coinbase and Binance (U.S. users should refer to Binance.US), corroborates these observations. On‑chain analytics platform CryptoQuant showed the index shrinking its negative value over the weekend and even turning briefly positive for the first time since mid‑January.
Bitcoin Coinbase Premium Index. Source: CryptoQuant
From a macro perspective, precious metals remain in focus. Gold reclaimed the $5,000 per ounce level earlier and is now chasing a new intra‑month peak.
XAU/USD 1‑hour chart. Source: Cointelegraph/TradingView
Whale Buying Alert – Insights from Crypto Analysts
Turning to Binance (global platform; U.S. investors should use Binance.US), CryptoQuant contributor CryptoOnChain reported “aggressive” buying activity.
“The market is currently experiencing a classic ‘accumulation during capitulation’ scenario.” — Quicktake blog
Despite a cautious overall mood, the average outflow rate spiked sharply, indicating that large‑scale investors are actively buying Bitcoin, potentially establishing support at current levels. On Sunday, the average outflow reached 13.3 BTC, more than double the figure at the end of January.
Binance Bitcoin Outflow (screenshot). Source: CryptoQuant
On‑chain analytics firm Glassnode continues to describe market participants as “risk‑averse” crypto investors, warning against being swayed by overly optimistic sentiment.
“Overall, spot, derivatives, ETFs, and on‑chain metrics remain in a defensive stance. Profit‑taking space is compressed, capital flows are negative, and after the recent downside repricing, hedging demand stays elevated.” — Latest *Market Pulse* report
“While some signals suggest that selling pressure may be easing, a sustained recovery still hinges on whether spot demand can keep prices above recent lows.”
The above provides a comprehensive analysis of Bitcoin (BTC) approaching $70,000 and the Coinbase premium achieving its first green surge in a month. For further coverage on Coinbase’s monthly green rally and Bitcoin’s breakout beyond $70k, please follow additional articles from Bitaigen.
*Please note that cryptocurrency gains may be subject to taxation in your local jurisdiction. Always consult a tax professional for guidance.*
Related Reading
- Bitcoin $75K Support in 2026: Futures, ETF Flows
- Bitcoin Near $90,000 as Trump Promises Crypto Bill
- Bitcoin Decline: Deleveraging, AI Pull‑Back, Quantum Risks
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